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Argentina`s Housing Market in the 2000s

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  • Marcela Cristini
  • Ramiro Moya
  • Guillermo Bermudez
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    Abstract

    In the last three decades, the supply of housing in Argentina has not kept pace with demand. This study analyzes the main drivers of Argentina’s housing market and relates them to the macroeconomic environment in order to advance a policy agenda for housing policy reform. The demand for housing was calculated and tenure choice was analyzed. Structural characteristics affecting Argentina’s housing market include the high concentration of the urban population in a few large metropolitan areas, the association of urban poverty with the housing deficit, and overcrowding. The mortgage market lost its appeal following the 2001-02 crisis due to widespread breaches of contract legitimized through protective legislation (still in place), insufficient long-term financing, and high inflation. The housing deficit could be eliminated in five to eight years if well-coordinated policy initiatives to develop the mortgage market and provide low-income housing were adopted under a decentralized, demand-driven, subsidized program.

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    Bibliographic Info

    Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4733.

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    Date of creation: Sep 2011
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    Handle: RePEc:idb:wpaper:4733

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    1. Stephen Malpezzi, . "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
    2. Alejandra Anastasi & Emilio Blanco & Pedro Elosegui & Máximo Sangiácomo, 2010. "Bankarization and Determinants of Availability of Banking Services in Argentina," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(60), pages 137-209, October -.
    3. Marcela Cristini & Ramiro Moya, 2004. "Las instituciones del financiamiento de la vivienda en Argentina," Research Department Publications 4352, Inter-American Development Bank, Research Department.
    4. Malpezzi, Stephen & Mayo, Stephen K, 1987. "The Demand for Housing in Developing Countries: Empirical Estimates from Household Data," Economic Development and Cultural Change, University of Chicago Press, vol. 35(4), pages 687-721, July.
    5. Galiani, Sebastian & Schargrodsky, Ernesto, 2004. "Effects of land titling on child health," Economics & Human Biology, Elsevier, vol. 2(3), pages 353-372, December.
    6. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
    7. Francois Ortalo-Magne & Sven Rady, 1998. "Housing Market Fluctuations in a Life-Cycle Economy with Credit Constraints," Finance 9810003, EconWPA.
    8. Fontenla, Matas & Gonzalez, Fidel, 2009. "Housing demand in Mexico," Journal of Housing Economics, Elsevier, vol. 18(1), pages 1-12, March.
    9. Chiuri, Maria Concetta & Jappelli, Tullio, 2001. "Financial Market Imperfections and Home Ownership: A Comparative Study," CEPR Discussion Papers 2717, C.E.P.R. Discussion Papers.
    10. Zabel, Jeffrey E., 2004. "The demand for housing services," Journal of Housing Economics, Elsevier, vol. 13(1), pages 16-35, March.
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